First of all, I don’t want to hear anymore about the poor sacrificing US taxpayer shelling out hard earned money for bailouts—it’s the hard working Chinese tax payer who’s doing the bailing out. Sure, our great grandchildren will eventually get the bill in the mail, but by that time it will be inconsequential inasmuch as China shall have claimed ownership of the good old USA. As for Geithner it’s too soon to judge—in light of current upbeat stockmarket rallies perhaps unnecessary. Unless Obama gets Sheila Baer orLlaura Tyson to run things it’s not going to amount to a hill of beans since most economists have been spoon-fed Wall Street devious manners throughout their careers and are therefore stuck in the matrix of banking and “free markets.” The most we can hope for is stricter regulation and old fashioned trust busting. In the meantime there’s nothing wrong with a tighter rein on borrowing for a while—what we don’t want is another runaway credit train. What we do need is for most of the stimulus to go directly into areas that can start creating and maintaining work.
And who will be paying the Chinese when they cash in their T-bills? You're right I say we "trust bust" the biggest conglomerate in the US today, the US Government. It owns everything from auto companies to financial institutions. Coming soon, health care. And the lefty's thought Halliburton was the boogieman, ha not even close.
By then they will have owned half the country. Unless, of course the great big finance market comes to realize that investing in America as China does, instead of shoveling the capital overseas, it might see the wisdom in holding more t-bills [as in warbonds] to keep the nation and investors solvent. Govt borrowing is no more evil than when businesses do it.